Israel has welcomed India's proposal to set up a technology think tank with representation from both sides to further boost the trade ties. The proposal to set up such a incubator was put forward by India's Minister of State for Commerce and Industry Jyotiraditya Scindia during a meeting with Israel's Minister for Trade, Industry and Labour Benjamin Ben-Eliezer in Jerusalem. The two leaders outlined water and agriculture, information technology, homeland security, science and medicine, bio and agro-technologies as the key areas for cooperation. Mr Scindia also informed his Israeli counterpart that the Trade and Economic Relations Committee of Government of India has given its approval for begin negotiations over the signing of a Free Trade Agreement. Israel has been consistently pushing for the Free Trade Agreement with India. Ben-Eliezer, himself had raised the issue with Indian leaders during his visit to New Delhi last month in order to fully tap the potential for bilateral trade between the two countries. Bilateral trade between India and Israel has witnessed a quantum jump since the establishment of diplomatic relations in 1992, registering an impressive figure of 4 billion dollars from a humble beginning of 200 million dollars. Israeli officials have expressed confidence that it could reach as high as 12 billion dollars by 2015 given the continued push by both the establishments. Mr Scindia earlier called upon Israel's elder statesman, President Shimon Peres, who expressed outrage at the recent attack in Pune saying, India's security is as important to it as its own.